On average house prices in Scotland increased by 1.8% during October, according to the latest Walker Fraser Steele Scottish House Price Index.
It found that on an annual basis there had been an average increase of 4.1% with the average house price in Scotland standing at £191,989 at the end of October.
Alan Penman, business development manager at Walker Fraser Steele, said: “The release of pent-up demand from earlier in the year saw average house prices in Scotland increase again in October, up 1.8% on September’s figure and up 4.1% on October 2019. This rising tide has affected most of Scotland: 26 of the 32 local authority areas saw year-on-year price increases in October.
“Transaction data confirms that September was an exceptional month, with the number of property transactions increasing to an unusually high level. Though this uptick later in the year hasn’t quite compensated for the unusually low levels of activity we saw during the lockdown between March and August. Statistics for the first nine months of 2020 show that this year’s sales are at just 67% of the average levels seen during the same period in 2019.
“This uneven distribution of transactions, combined with the vital safety measures made necessary by COVID-19, have slowed property purchase times at points with some Scottish buyers having faced delays.
“Despite this, the fact that prices continue to grow and that transactions have continued at these levels, is a clear indicator of the strength and durability of the Scottish housing market.”